The Hellenic Competition Commission (HCC), taking into account the structure of the domestic banking sector as well as the low interest rates offered by the Greek banks, compared to the Eurozone average, has initiated by decision of 18.07.2024 a sector inquiry into deposit interest rates, exercising the respective powers conferred on it pursuant to Article 40 of Law 3959/2011.

From July 2022 to September 2023, the European Central Bank (ECB) gradually increased the deposit facility rate. Subsequently, these increases were partially passed on to the deposit rates offered by the Greek banks, however the pass-through was limited and slow in comparison both to other member states and to the domestic banking system’s past practice.

Through the sector inquiry, the HCC shall investigate the conditions of competition in the market for bank deposits, with a view to identifying possible distortions and to submitting proposals to promote competition in the market, to the benefit of depositors (households and businesses).

By initiating the sector inquiry only a few months after the adoption of Decision No. 838/2023, the HCC confirms its commitment to promote competition in the financial sector as a driving force behind the development of the Greek economy, using any intervention mechanism available to it under applicable laws.

In the context of the first phase of the sector inquiry, the HCC announces the launch of a public consultation and invites all interested parties/ stakeholders to share their views and comments on the conditions of competition in the market for bank deposits. Interested parties may submit their views in writing, in the form of a memo, to the following email address: This email address is being protected from spambots. You need JavaScript enabled to view it., giving their name, capacity and contact telephone number.